A new Turkish owner has quietly amassed a fleet of six internationally trading MR and LR product tankers and is still looking to grow, with a target of acquiring at least three or four more ships within a year.
Most recently, Oslo-based asset player Atlantica Shipping was reported earlier in May to have sold the 51,246-dwt Atlantica Brave (built 2008) to an undisclosed Turkish owner.
Prive Overseas Marine was in the process of taking delivery this week. A source familiar with the deal said the MR2 tanker will be renamed Prive Angel, but was unauthorised to comment on the price.
Johan Werner of Atlantica Shipping confirmed the sale but was also unilling to comment on the price.
The Prive Angel is the newest in an unbroken series of acquisitions starting in spring 2021, as the Turkish owner expands internationally with offices from Dubai to London.
Prive Overseas is headed by chairman Ata Aksoy and takes its name from Aksoy’s other operations in such fields as insurance and health care. His group is separate from the other Aksoy family behind bulker owner Aksoy Denizcilik.
To run its London commercial operations, Prive Overseas has brought in tanker industry veteran Erik Augustsson, a veteran of Chevron, Texaco and Stena Bulk, who spent six years with Sovcomflot before it had to close down its London office last year.
Prive Overseas started its current tanker-buying campaign with the March 2021 purchase of the last two MR vessels in the former fleet of Parakou Tankers, the 51,200-dwt PTI Hercules and PTI Orion (renamed PS Dream and PS Queen, both built 2006).
That transaction was done through a vehicle organised by Japanese financial owner Ocean Trust. VesselsValue pegs the ships’ worth at some $21.36m and $21.48m. The price of the 2021 deal was undisclosed but given the timing, the ships could be expected to have gone for around $9m less.
In March 2022, the Turkish owner acquired its third ship directly, the smaller 40,200-dwt PS Pelican (ex-Paragon 11, built 2007) from Singapore’s Ocean Oil Marine for a reported $9m.
Since then, the company has increased its pace of acquisitions, picking up two LR1 ships, the 72,800-dwt PS Falcon (ex-PGC Icaros, built 2004) in November 2022 from Greece’s Paradise Gas Carriers for a reported $12.7m, the 63,500-dwt Prive Eagle (ex-Aurora N, built 2008) in January from Navios Maritime Acquisition for $23m, and now the Prive Angel.
Some sources have reported the PS Falcon was subsequently sold to Greek owner IMS, but sources close to Prive Overseas said this was incorrect.
Tight market
The growing tanker owner trades its ships globally, according to AIS data, in the Atlantic, Mediterranean and South East Asia but apparently is steering clear of sanctioned trading.
Prive Overseas is driven by expectations of a tight product tanker market for the next few years as the orderbook remains constricted, demand continues to grow and the so-called “dark fleet” of sanctioned trading vessels pushes up charter rates for legitimate trades.
Information supplied by the company indicates that it wants to reach a fleet size of 500,000 dwt within a year. That would entail acquiring three or four more ships.
However, Prive Overseas indicated that it would also consider chartering in tonnage. “Furthermore, Prive Overseas Marine may explore opportunities for strategic partnerships or joint ventures to accelerate fleet growth,” the company said in a written statement.
